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The One Good Thing Caused by Covid-19: Innovation - Coggle Diagram
The One Good Thing Caused by Covid-19: Innovation
Risk perception and WTP for safety features
new behaviour patterns, expectations
risk-mitigating technologies, business practices and strategies while accommodating appropriate economic activity level
More extreme due to pandemic (daily activities - walk in park) VS medical device advancement for radiation risk
reassess options - new, shelved technologies and product designs even if more costly, less user-friendly or lower quality
BUT
particularly effective in mitigating risk, improving safety
Low hanging fruit quickly implemented in operations - store checkout plexiglass shields, takeout and deliveries, video meetings
Experiments using risk-mitigation technologies
Contagion risk
China delivery robots in hospitals - medicines, meals, collect bed sheets and rubbish
E-commerce JD drone programme - drop parcel, spray disinfectant
Smart helmets identify fever in anyone within 5m radius
Schools online or mobile content
Amazon Just Walk Out technology - computer vision + AI = no checkout, bill as you walk out
Cultural industries - museums, galleries, cinemas, concert halls, indie musicians, artists
online platforms to create, perform, connect with audience
How much, what form to invest in risk-mitigating technologies, corresponding product and service changes
Length of time: crisis, contagion risk and fear
long-lasting changes in consumer, worker behavior generate new demand
opportunities, challenges for technology users, innovators, regulators, policymakers
Varies across businesses, markets, locations
Firms forced to be smarter, more flexible
better understanding of remote work
increased productivity, reduced commute time, lower quit rate for workers preferring WFH (overall happier)
call centres investment mitigated concerns over productivity , information security
business travel - smarter at identifying less information-sensitive, information-critical trips teleconferencing can replace
learning from forced risk-mitigation experimentation, investment
China large call centers large IT equipment, systems investment for WFH, client information security
20%-40% worked remotely as normal operations resumed
flexible WFH likely permanent post-crisis policy
pre-pandemic firms may regard experimenting with remote work too costly (time, resources)
Future business and policy opportunities
Differences across WFH preference, remote learning experience, entertainment, consumption
consumer attitudes towards digital, physical experiences
different consumer preferences = business opportunities
new digital products, formats, content
automation, digitization investments
new products, services, business models
short-term, long-term innovation responses